The Police Pension Board met on December 16th. The Pension System’s financial picture is remains very good. We are over $2.2 billion dollars and still on target to be 100% funded in 2016, unless the State Legislature makes changes to our system.
I have attached a resolution that the Oklahoma State Pension Commission passed at its November meeting. Unfortunately, the way the resolution is worded, the Legislature could conceivably divert our share of the insurance premium tax since we are over 90% funded.
In a Press Release dated 12-15-15 the State of Oklahoma stated “Preliminary information shows the board will consider a revenue projection that would result in $900.8 million, or 12.9 percent, less revenue for the FY 2017 appropriated state budget than was appropriated for FY 2016”. As OPPRS is a non-appropriated agency, we do not receive monthly general revenue allocations from the State. However, this too could affect our insurance premium tax allocation for next year.
On a positive note, our pension system has been lead plaintiff in a law suit against Dole foods for securities violations. Our system was one of the major investors with $880,000. invested dollars. The case involved stock price manipulation resulting in a lower valuation of the stock we owned.
The Judge in the case has provided a final ruling against Dole for $148 Million. OPPRS will receive $2.3 million of that total. Net of attorney fees this will result in about a 30% increase in this asset’s value.
The monthly pension related financial information, agenda, minutes, etc. can be found on the system’s web site.
Please contact me if you have any questions.
Oklahoma Police Pension & Retirement System